Reference no: EM13486493

Question. For each of the following safeguards, identify whether they are: • safeguards created by the profession, by legislation or by regulation • safeguards developed by the firm • safeguards which are engagement specific • safeguards within the client's systems

1. disclosure of fees

2. competence of employees

3. using different partners and teams with separate reporting lines for the provision of non-assurance services to an assurance client

4. professional standards and pronouncements

5. timely communication of policies and procedures to all partners and professional staff

6. internal procedures to ensure objective decisions on engagements

7. professional review by other professional accountants

8. involving another firm to perform or re-perform part of the engagement

9. corporate or other governance regulations

10. firm leadership which emphasises compliance and ethics.